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UAE lenders propose 75% mortgage limit
- United Arab Emirates: Monday, January 28 - 2013 at 05:16
The Emirates Banks Association has proposed that expatriates be allowed to borrow as much as 75% of the value of their first home after the central bank said such loans should be limited to half the property's value, Bloomberg has reported. The limit should be reduced to 60% for a second home loan and 50% for properties under construction, Emirates Banks Association chairman Abdul Aziz Abdulla Al-Ghurair told reporters in Dubai. "It's in the interest of buyers to have a mortgage cap," said Al-Ghurair, also CEO of Dubai-based lender Mashreq. "We don't want everyone jumping in."
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